10 Pros and Cons of Renting an Apartment
People who rented an apartment know how expensive apartments are, especially in big cities like Downtown Los Angeles, Harrisburg, PA, Albany, NY, Carson City, NV, and Tallahassee, FL. Depending on the area you live in your monthly rent could be even higher, downtown and metropolitan areas are usually the pricier. Renting an apartment has its pros and cons like owning a house. With property prices rising, many renters have put a hold on buying a house. Buying a home is not easy, a long list of requirements is needed before someone gets approved. Many studies have shown that renters are satisfied with renting in 2021.
What Are The Pros and Cons of Renting an Apartment?
When it comes to renting an apartment it usually comes with a few pros and cons for you and your family. Apartment renting isn’t for everyone.
- If something breaks the apartment maintenance staff will fix it
2. Apartments come with perks like pools, BBQ grills, rooftops, gym, and underground parking lots
3. Extra security from night security
4. Maintenance will repair anything around the building
5. Perks like unlimited coffee and BBQ grill propane (in some apartments)
6. Friendly neighbors
7. A stove and or a refrigerator will usually be included
9. Laundromats on site
10. Pet friendly
- Rent will go up every year
2. Can’t add-on to the property
3. Customization is limited
4. Nosey neighbors
5. Loud neighbors
6. Cats and or dogs are not permitted in some apartments
7. Pets can be prohibited
8. Limited Parking
9. Limited space
10. Limited on upgrading
A survey by Bankrate showed that people who earn much more than $50,000 a year and have higher education were most likely to delay buying a house. Young people who are starting a family are the ones who were more likely to purchase a home but also have the highest foreclosure rates. Shawn Carter, a spokesman for the pros at Local Records Office said:
“It’s not that middle-aged Americans don’t have the ambition or desire to purchase a home it’s that they spend their money more wisely, while others don’t have enough money for a down payment and their credit score is not high enough to get an affordable mortgage rate”
Purchasing a home has gotten much more difficult over the past 20 years and real estate agents and brokers are seeing it.
What Are the Pros and Cons of Owning a Home?
Having a home you could call your own is an amazing feeling that not everyone has a chance to experience. In the ’60s and ’70s purchasing a home was as simple as 1 2 3. Real estate brokers and banks were pretty much handing out mortgages to anyone that had a few hundred dollars for a down payment. In 2021 trying to purchase a house is as difficult as trying to get accepted into an elite college like Harvard, Stanford, or Yale.
- You could make any upgrades you want
2. Want to paint the house a different color? No problem
3. No loud up stair neighbors to bother you at 3 AM
4. You are the owner and you aren’t making an apartment owner you’ve never met richer every month
5. You could have as many dogs and cats as you want
6. You want to run around and make as much noise as you want? No problem, you don’t have the old neighbor as you would in an apartment
7. Eventually you will own the property
8. Homes frequently increase in value over the life of a mortgage
9. Credit scores increase with positive payment history
10. Mortgage interest and property taxes may be tax deductible
- If you don’t pay the mortgage the bank will come and take your home sweet home in a flash
2. The maintenance staff will not come to your house and repair what needs to repaired for free like people who live in an apartment
3. More bills usually come when you purchase a house like property tax, waste fees, water bills, etc.
4. Requires upfront costs for a down payment, closing fees, and other things
5. Buyer incurs any maintenance and repair cost
Renting and owning your own house has its pros and cons it just depends on what you and your family could afford. If you have great credit and a decent down payment, by all means, go for the house but if your credit is ‘OK’ and you haven’t been saving for a down payment renting for a bit longer is right for you. There is nothing wrong with renting an apartment; many people agree that renting first and then buying is the best way to go, it like learning to ride a bike with training wheels first or buying your first used car in college that has more miles than your grandpas old pinto. We all start somewhere we don’t just leap to purchasing a house right after we move out of our parent’s basement.